Answered: The simple interest charged on a loan…

The simple interest charged on a loan amount of $8500 for 2 years was $1275. What rate of interest was charged a)22.5% b)3.75% c)15% d)7.5%

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

4.The simple interest charged on a loan amount of $8500 for 2 years was $1275. What rate of interest was charged

a)22.5%

b)3.75%

c)15%

d)7.5%

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